Saturday, April 07, 2007

Another Thing

Correct me if I'm wrong but what this ruling seems to boil down to is that the Scopac Noteholders can't foreclose on their collateral- the forestland - and Maxxam stays in control in the meantime.

Who knows, maybe the noteholders will win an appeal, maybe the venue will actually be changed to California and maybe Hurwitz will start dropping golden turds and then he'll leave our economy alone.

3 Comments:

At 4/07/2007 10:20:00 PM, Blogger Hank Sims said...

You're correct. It kind of makes you wonder why they're called "secured creditors."

 
At 4/08/2007 01:00:00 PM, Blogger Noel Adamson said...

Maxxam, like other corrupt mega-corps, own a controlling interest in the government including the legislature and judiciary not to mention the executive branch.

Mr. Charles Hurwitz and Mr. Jack Abramoff were not casual friends or sex partners but partners in crime. The last thing I remember hearing about Abramoff was an article with the headline "U.S. Seeks to free Jack Abramoff" or some such with the operative atrocity in that headline being "U.S." rather than "mafia lawers" or "Jack's lawers" or the like.

They are called "secured" for the same reason that word is used in the phrase "Homeland Security";
10.to get hold or possession of; procure; obtain: to secure materials; to secure a high government position. -( from dictionary.com)
"the criminal organization that runs America and it's subsidiaries has secured America and it's colonies for itself"

 
At 4/09/2007 11:04:00 AM, Blogger saf said...

I wonder if the noteholders can/will argue that Hurwitz intentionally and knowingly caused the company to go bankrupt.

 

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